R3, an enterprise blockchain software firm, launched Corda Settler, an application that settles international payments within a corporate network – and it supports XRP.
The open-source application comes as a part of a bigger CorDapp package. It allows participants to issue payment requests and settle them on the Corda network through “crypto-assets” like XRP or any traditional payment protocol that uses cryptographic confirmation for settlement. The Corda Settler also oversees whether requested payment obligations gets executed and updates the Corda ledger if they do – like a blockchain.
“The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto, and blockchain communities can work together,” said Richard Gendal Brown, Chief Technology Officer at R3.
The application’s support to XRP strikes a surprising note as both Ripple Labs and R3 were in a court battle with each other. A source close to both the organizations said that the old issues between the two didn’t impact the launch of Corda Settler and that the announcement should assist XRP in gaining a more “legitimate” status.
“While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved,” Brown said.
In September this year, R3 and Ripple Labs had announced that they reached an agreement on all the ongoing litigations regarding 5 billion XRP units, which Ripple Labs had promised to R3 at a fixed price of $0.0085 at any time before the end of 2019.
The next step for Corda Settler, as reported, is to support deferred settlement and gross settlement payments in real time.
The Central Bank of the Russian Federation in October had announced that it was considering the possibility of joining the international blockchain consortium R3, but the final decision has not yet been made. Also, IPC Systems, a trading technology firm, also entered into a partnership with the R3 blockchain consortium.
XRP Market Reaction
The XRP trading market didn’t react to the developments made in the R3 Consortium space. The coin against a weaker dollar continued to its downtrend as the rest of the crypto market also pursued its negative territory. The XRP/USD is now trading at $0.342, according to aggregated data available at CoinMarketCap.com
At the time of the announcement, XRP did see a surge against Bitcoin, the leading digital currency by adjusted volume, but today even the XRP/BTC pair is correcting lower.
Image from Shutterstock
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A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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